Following the construction industry and related legal topics in the United States.

Friday, August 11, 2006

Estate Tax Bill Fails on the Senate Floor

Relief is still around the corner -- tax relief that is. As hard as the ABC and AGC have pushed for repeal of the estate tax, to soften the challenging process of transferring one's construction business from one generation to the next, more effort will be required. The "trifecta" bill, which included, among other things, a minimum wage hike and estate tax relief, was rejected by the Senate. For a full discussion, see ENR's article here. For the AGC's reaction, see here.

In the meantime, there is still much that can be done to make what can be a very challenging process a successful one. Timely transition planning, to include corporate, partnership and estate planning devices, can still make a huge difference.

-John Springer


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